• Bussiness Insider, Wednesday, September 16, 2009 2:30 PM

Betting that consumers are about to start spending again, Bank of America analyst Justin Post has upgraded Amazon shares today to Buy from Neutral. Indeed, Post believes there is as much as a 24% upside to the current share price over the next year. That's because, in his opinion, e-commerce will continue to grow its share of applicable retail sales -- 7.6% in '09 growing to 9.5% in '12.

The sector should therefore return to double-digit growth after this year -- 14% in 2010 and 11% in 2011. While not quite as bullish as Post's estimate of $28.5 million -- 24% growth -- most analysts are expecting about $27 million -- 18% growth -- in 2010 revenue from Amazon.

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